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politics4h ago
The Daily Dirt: Hochul’s budget delays keep NYC real estate in flux
- Gov. Hochul's delayed budget rollout keeps New York City's real estate taxes in flux as talks extend beyond the deadline.
- Two proposed taxes loom: a 1% levy on all-cash NYC home purchases of $1 million+ and a pied-à-terre tax on certain second homes.
- Lawmakers have not yet passed the revenue bill containing both proposed taxes, with a vote expected next week.
- The delay may pressure lawmakers during the budget talks, tying their pay to a timely agreement.
- Compass is highlighted as a major market force to watch as the industry adapts to the tax proposal landscape.
- LaGuardia Airport temporarily closed a runway due to a sinkhole, causing flight delays ahead of a long weekend.
- Legislation bans potassium bromate in flours used by bagel shops and pizzerias, awaiting Hochul's signature.
- Residential market highlights include a top sale at 200 East 79th Street and a premium new listing on West 57th Street.
- Commercial real estate saw significant activity with a $7.5 million Williamsburg rental at 499 Grand Street.
- New permits show 604 Union Street in Gowanus as the largest announced project in the period.
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